JONATHAN Palmer will announce his intentions for Oulton Park in the coming weeks.

The former Formula 1 ace will be spending the next few weeks weighing up his acquisitions after snapping up the Little Budworth track - along with Brands Hatch, Cadwell Park and Snetterton - last week.

The purchase ended months of speculation, with fears the land could be sold to developers for housing or a supermarket.

A spokesman for Mr Palmer's MotorSport Vision said: 'There is an assessment of the business taking place before a detailed vision of the future of the circuits is put forward.'

Mr Palmer, who started 83 grand prix races in his seven-year Formula 1 career, said: 'I am thrilled to have been successful in acquiring four of the most famous motorsport circuits in Britain.

'We are absolutely committed to developing motor racing at the circuits and believe that through innovation and quality enhancement we can revitalise one of the UK's most exciting sports.'

The circuits were previously owned by Interpublic, an American firm which acquired them from Nicola Foulston in 1999 with the intention of running the British Grand Prix at Brands Hatch.

The British Racing Drivers' Club welcomed the sale. Alex Hooton, chief executive, told Autosport magazine: 'The sale secures the circuits for British motorsport in the future and hopefully will stop the sale of the tracks to property developers.'

John Britten, one of Mr Palmer's partners, said: 'When I drove my Morgans and MGs around these famous circuits all those years ago, I never dreamed that one day I would be a circuit owner.

'But that day has now arrived and I am so happy to be working towards a better future for British motorsport.'

One Winsford resident who is an Oulton Park regular said she was delighted the track had been saved.

'It is great to have something like Oulton Park on our doorstep,' she said.

'I have been going since I was a kid to see the superbikes and touring cars and it is a really good family day out.

'There were fears that it would be sold off to become a housing development or business park because it is such a large site and we are delighted that its future is now safe.'

Fellow motorsport fan Rob Stratford said: 'Oulton Park is steeped in history and has been the venue for several classic races between greats like Ayrton Senna and Martin Brundle. I'm glad it has been bought by a former F1 star, ensuring its future for thousands of race fans.'